Atal Pension Yojana (APY) is a deferred pension scheme governed by the Pension Fund Regulatory and Development Authority (PFRDA). The pension fund basically aims to provide regular income to the people employed in unorganised sector post-60 years of age through regular pension. Earlier, premature exit from the APY scheme was not permitted but now one can close one's APY account before attaining 60 years. So, those people, who have investments in APY accounts and are feeling the heat of COVID-19 pandemic, their Atal Pension account will be an option to get money. However, it is advisable that one should close an APY account only when there is no other alternative as premature withdrawal will be a setback for your retirement.

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Speaking on how one can withdraw money from APY account before reaching 60 years of age, SEBI registered tax and investment expert Jitendra Solanki said, "Earlier, any premature exits from the Atal Pension Yojana scheme before the age of 60 was not permitted except in the case of subscribers death or terminal disease. But now, one can exit the APY scheme voluntarily." He said that one can get money from the APY account by filling the Account Closure Form which is available from the bank or it can be downloaded online.

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"The contributions made by the subscriber to APY, along with the net actual interest earned on the contributions will be made after the account maintenance fees will be deducted. Also, if the government has made any co-contribution, it will not be returned along with the interest earned on the contributions," said Solanki.

Another SEBI registered tax and investment expert, Manikarabn Singhal said, "APY scheme allows 18 to 40 year old people to open accounts. So, premature APY account closure is a good option for those who are still below 40 years of age because they can again open an APY account after premature closure. But, one should choose this option only when there is no other alternative because this step will hit the money available for your retirement."